Resource World Magazine

40 www.resourceworld.com A U G U S T / S E P T E M B E R 2 0 1 4 MINING Pacific future energy ProPoses $10 billion bc north coast refinery Pacific Future Energy Corp. announced a plan to build and operate the world's greenest refinery on British Columbia's north coast. While they believe it's in Canada's national strategic interest to gain access to international markets for Alberta's oil, especially the fast growing Asian market, the company believes it shouldn't be done at the sacrifice of BC's coast or broader environment and must be done in full partnership with First Nations. "We believe this is an incredibly unique opportunity to build the greenest refinery in the world and there's no better place than BC," said Samer Salameh, Executive Chairman of Pacific Future Energy. "Our pre-feasibility study has begun, which will analyze the economic, social and environ- mental aspects of the refinery and help to determine the prospective site and expect to launch our feasibility and regulatory process in the next 9-12 months." The Pacific Future Energy refinery in BC will create thousands of long term jobs and economic stability at home by expand- ing Canada's oil market access. "The combination of our strong man- agement team, economically sound and environmentally superior refinery and access to international markets has made this very appealing to investors in the initial stage". Salameh said. "By shipping refined products, we will eliminate the threat of a heavy oil spill. By building a refinery, based on NZNC emissions stan- dards, we will reduce the emissions that contribute to global climate change." The $10 billion refinery is being designed to be built in modules, each processing 200,000 barrels of bitumen per day, ensuring it is scalable and flex- ible. The bitumen will be converted into gasoline, diesel, kerosene and other distil- lates. When all of the project modules are complete, the facility will process up to 1,000,000 barrels per day, starting with the first phase of 200,000 barrels per day. "From the very beginning, and every step of the way, our partnership with First Nations will ensure that we all benefit from traditional and ecological knowledge, while respecting their rights to full con- sultation and accommodation – all with the goal of shared prosperity and health for future generations," added Jeffrey Copenace, Vice President, Indigenous Partnership. Vancouver-based Pacific Future Energy is a company that has been developed to finance, design and construct the world's greenest oil refinery in British Columbia, Canada. The management team consists of leaders from the venture capital, corporate and government sectors, who share the belief that while it's in Canada's national strategic interest to diversify its markets for oil, it should be done in a socially and environmentally responsible manner and while ensuring the protection of Canada's west coast. true north gems gets greenland ruby mine aPProval The municipality of Sermersooq and its city council have completed the required formalities and officially approved the True North Gems Inc. [TGX-TSXV] impact benefit agreement. As previously announced (see press release dated May 30, 2014), the gov- ernment of Greenland has approved the formal exploitation and closure plan, and impact benefit agreement. This paves the way for the establishment of Greenland's first ruby and pink sapphire mining opera- tion at Aappaluttoq, southwest Greenland, about 160 km south of the capital Nuuk. This final approval by the municipality signals the go-ahead for the mine. "This endorsement from the municipal- ity and city council speaks volumes of the time and effort contributed by all. The commitment shown by True North Gems to engage local enterprises and employ local workers will lead to secondary indus- try growth and other positive benefits for the wider Greenlandic society," said Nicholas Houghton, president and chief executive officer. "I am pleased that the IBA manages to ensure jobs go to our own citizens. This will be important not only for those who are employed, but for the entire com- munity," stated Asii Chemnitz Narup, mayor of Sermersooq. "The ruby mine near Qeqertarsuatsiaat will be the first of its kind in the country. It is important that we take the opportunity to show that Greenland can provide manpower, at all levels, to such a mine." The impact benefit agreement will promote the co-operation between True North and the Greenland authorities, and guarantees the project is developed in a sustainable and viable manner. It also establishes methods and procedures to safeguard transparency, build competen- cies in the Greenlandic work force, and ensure co-operation to maximize the opportunities for the Greenlandic popula- tion and the company. A total of 165 tonnes of material has been removed for processing over four years with 48 tonnes processed to date. From the material processed, over 65,000 grams of gem and over 129,700 grams of near-gem ruby and pink sapphires have been recovered. Individual stones weigh- ing more than 80 grams (400 carats) have been found. Independent valuations have valued a 0.69-carat ruby from Aappaluttoq at $3,220/carat and a 0.96-carat pink sap- phire from Aappaluttoq at $460 per carat (prices are US$ wholesale). n

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